This Indian city has the 3rd largest number of startups in the world

We begin our Monday with the news that an Indian city is home to the third highest number of startups in the world. After Silicon Valley in the US and London in the UK, Bengaluru (Bangalore) has third most start-ups globally. According to a Nasscom-Zinnov report, India has somewhere between 7200 and 7700 startups, of which 1200 are tech startups, making India the third largest startup ecosystem. The report also revealed the ecosystem to have created more than 40,000 direct jobs in 2018 in India, resulting in the segment's total employment reaching figures close to 1.6-1.7 lakh. It's also believed that startups also employ another 4-5 lakh people indirectly.

When it comes to startups in tier-2 and tier-3 cities, the Nasscom-Zinnov report suggests signs of growth with 40 per cent of them operating outside Bengaluru, Mumbai and Delhi, which is a five percent increase from last year. According to the report, top industry verticals for startups include 15-17 per cent of market share for enterprise software, 13-15 per cent of fintech, 11-13 per cent of online marketplaces, 7-9 percent of healthcare, 5-6 percent of edtech and 42-45 per cent of other categories.

While 2018 has been a great year for startup investments in India, however, investment in the early stage fell, having grown just marginally, according to the survey report. Overall investment grew 100 percent to $4.2 billion (approximately INR420 crore) between January to September this year, rising from $2 (approximately INR200 crore) in the same period last year.

According to Debjani Ghosh, President of Nasscom, India's startup landscape has become the epitome of innovation, many of which are tackling locally relevant issues. 2018 alone saw addition of eight unicorns, bringing India's total figure to 18. This year, startups like Udaan, Oyo, Freshworks, Swiggy, Paytm Mall, Zomato and Byju and Policybazaar officially entered the billion-dollar club. AI startups saw an incredible 120 percent growth in funding with $150 million (approximately INR15 crore) being invested in them in 2018.